Dainippon To Acquire Sepracor For $2.6B

Law360, New York (September 3, 2009, 5:55 PM EDT) -- Dainippon Sumitomo Pharma Co. Ltd. said Thursday that it would acquire Sepracor Inc. for $2.6 billion, in a move that will boost the Japanese company's U.S. presence and expand its pharmaceutical portfolio to include such drugs as the blockbuster anti-insomnia pill Lunesta.

Dainippon will pay $23 per share as part of a cash tender offer, which will be followed by a merger to acquire the remaining shares at that rate, according to the drugmaker.

The deal was approved unanimously by the boards of directors of both...